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Added BB&T Spectrum Cash Rewards Secured

HindSight_20_20
Frequent Contributor

Added BB&T Spectrum Cash Rewards Secured

Soooooo I went into the BB&T here and asked about the Spectrum Cash Rewards Secured Card (I already knew a regular Spectrum was out of the question for me right now). 

 

They took my app and approved me - the lowest SCL you can start with is $400.00, the rep said review time is about a year before a PC to an unsecured card is usually doable.  They offer the same three secured cards as they do unsecured: Travel, Cash Back, & Low APR.

 

As you can see below my entire rebuild profile is 'secured' (with the exception of Indigo, Care Credit and my $300 Cap1 card, that just auto CLI to $500 with the credit steps program).

 

My plan is to use these cards for a year or so and grab their respective 'unsecured' counter parts. I will close Indigo just before the annual fee hits.

 

Really - I feel kind of 'low key' ashamed of the profile due to it being 90% secured with low CL's avg. about $200 - $400 but I understand the process and I'll work it until I'm able to graduate and be considered for healthier products.  

 

Throughout this year I'll update things to show how each of these cards has either helped / graduated with time and perhaps be able to post about a great 'instant approval' here before too long, say mid 2020 Smiley Wink

 

DP at time of app: FICO 8's = EQ 590 / TU 601 / EX 599

Lates: 5 spanning (3 to 7 months)

Collections: 1 (5 and a half years old) only shows on TU

AU on one 6 yr old account in great standings 0% UTL

Overall UTL on all my cards combined 60% ish

INQS 14 across the three CRs

 


Goal Score: EX 700|TU 700|EQ700

Take the myFICO Fitness Challenge



9 REPLIES 9
AverageJoesCredit
Mega Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

No shame friendSmiley Happy you are picking up some very respectable secured cards and establishing history. Cant wait to see if Captain Obvious shows up next yearSmiley Wink....ps this is a SouthPark joke for my fellow KennyiansSmiley Wink
Message 2 of 10
VoltronM
Senior Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

Congrats on your approval !!!

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 3 of 10
HindSight_20_20
Frequent Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

Smiley Very Happy @ Captain Obvious!  Smiley Very Happy

 


Goal Score: EX 700|TU 700|EQ700

Take the myFICO Fitness Challenge



Message 4 of 10
pinkandgrey
Community Leader
Senior Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

Never be ashamed of rebuilding. Those are perfect starter cards and you’ll be thankful for them in the future when you have prime cards with huge CLs. Congrats!

Discover It: 19.7k
Amex ED: 18k
Citi DC: 7.7k
Fidelity Visa: 2k
Apple Card: 1.5k
Message 5 of 10
FicoGuy2019
Frequent Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

Slow progress is better than no progress.  This time last year I was in the low 500s.   Next year this time, if not before, I hope to be in the 800s.

Message 6 of 10
credit_is_crack
Valued Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

Congrats on the addition! There is ZERO shame in having a secured lineup. Way back when I had my USAA & BofA secured cards, and slowly but surely my profile strengthened opening up more and more doors. You're on the right path and saving yourself from ever dealing with some of those knucklehead predatory lenders -- good job!! 

Message 7 of 10
HindSight_20_20
Frequent Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

Thank you all very much I appreciate the words of encouragement.

I'm very inspired looking at all these amazing siggys especially knowing how the secured path was a part of the journey.

Work to do no doubt and I am ready, you all inspire me.

Thank you

Goal Score: EX 700|TU 700|EQ700

Take the myFICO Fitness Challenge



Message 8 of 10
19eighty5
Senior Contributor

Re: Added BB&T Spectrum Cash Rewards Secured

Congratulations!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 665, EQ- 670
What's in my wallet:



On the chopping block:

Message 9 of 10
Guyatthebeach
Valued Contributor

Re: Added BB&T Spectrum Cash Rewards Secured


Hindsight_20_20,

 

Congratulations on your approval. You have nothing to be ashamed of, because you’re rebuilding.  Use that piece of plastic wisely.  BB&T is an excellent bank, but they are conservative.  Pay it on time, rebuild a perfect payment history, keep your card utilization under 30% and you will be fine.  

 

Guyatthebeach

Message 10 of 10
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